Use the Contingency Table to Solve the Problem

question 32

Multiple Choice

Use the contingency table to solve the problem.
-The following contingency table shows the popular votes cast in the 1984 presidential election cross classified by region and political party. Data are in thousands, rounded to the nearest thousand. What percentage of the voters were in the Midwest?

• A)40.6%
• B)27.5%
• C)11.3%
• D)41.3%

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Definitions:

Variable Costing

An accounting method that includes only variable production costs (costs that change with the level of production) in product costs.

Absorption Costing

A financial accounting technique that integrates all production expenses, including direct materials, direct labor, along with all variable and fixed manufacturing overhead costs, into the product's cost.

Variable Production Costs

Costs that vary directly with the level of production output, such as raw materials and labor expenses.

Fixed Production Costs

Payments that stay unchanged regardless of how much is produced or sold, covering rent, salaries, and insurance.